If you have unresolved debt with the IRS, your bank accounts, income sources, and personal property could be in jeopardy. A federal or state levy permits the legal seizure of your property to satisfy a tax debt.

If you filed your taxes incorrectly or late, you may be subject to penalties imposed by the IRS such as: late filing, late payment, accuracy-related penalty, or failure to file.

Taxpayers that owe back taxes receive an IRS notice to alert them of the amount owed, the due date for payment, IRS penalties and interest, and basic instructions on how to respond. Sometimes it’s easy to take care of your back taxes quickly, but other times, it’s not so simple.

Any action from the IRS can be daunting, especially when your possessions are at stake. A federal or state tax lien is the government’s claim against any property that you own or that you obtain while you have an outstanding debt. This secures the IRS’s interest in your assets (both personal and business), including real estate, property, and financial, should you fail to resolve the liability in question.

Owning a business goes beyond hiring great people and providing great products and services – it’s about doing what you love with people you believe in. But when tax problems get in the way, they can hamper operations and your passions.